Jim Rosenthal News
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Morgan Stanley gave Chairman and Chief Executive Officer James Gorman a compensation package for 2012 that’s 30 percent less than his 2011 award, excluding a new incentive package, a person familiar with the decision said.
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Morgan Stanley has more than 20,000 employees affected by Hurricane Sandy, and at least 15,000 of them are able to work on computers remotely, said Jim Rosenthal, the company’s chief operating officer.
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Citigroup Inc. and Goldman Sachs Group Inc. are among Wall Street firms that shifted operations to other cities and told staff to work from home as Hurricane Sandy forced evacuations in New York.
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Morgan Stanley , the sixth-largest U.S. bank by assets, named Jim Rosenthal chief operating officer to succeed Thomas Nides , who left the firm to take a position in the U.S. State Department.
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The U.S. Commodity Futures Trading Commission says it will shift enforcement staff to meet Dodd- Frank Act demands in 2012, after failing last year to adequately oversee CME Group Inc., the world’s largest futures exchange.
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The world’s largest banks demanded a wish list of changes to a proposed U.S. ban on proprietary trading, seeking to escalate the lobbying effort against the Volcker rule five months before it takes effect.
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Goldman Sachs Group Inc. surrounded its headquarters with sandbags, and JPMorgan Chase & Co. closed flood-prone offices as water driven by Hurricane Sandy lapped into Manhattan.
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Morgan Stanley, owner of the world’s largest brokerage, said the Volcker rule suffers from a misunderstanding of how banks earn returns from market making and threatens to curb profitable services.
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Morgan Stanley’s chief legal officer, Frank Barron, is leaving this year and will be succeeded by Eric Grossman, who was most recently global head of legal.
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Morgan Stanley reported a 35 percent increase in fourth-quarter earnings on record revenue from its brokerage, the world’s biggest. Fixed-income trading revenue was the lowest since the fourth quarter of 2008.
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